Fake Securities Salesman Gets 12 Years For $8M Fraud

Law360, Chicago (January 18, 2013, 3:42 PM EST) -- A phony securities trader who lied about having a special connection to Goldman Sachs & Co. Inc. was sentenced Friday in Illinois federal court to 12 years in prison for running a scheme prosecutors said bilked investors out of nearly $8 million.

U.S. District Judge James Zagel doled out a harsher punishment for Randy Cho, 41, than the 10-year sentence Cho's defense lawyer had said was appropriate, though gave him some credit for accepting responsibility for the crimes he pled guilty to in August. The government...
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